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$ 1,560,000
Est. payment | /mo
8 Beds
8 Baths
7,680 SqFt
$ 1,560,000
Est. payment | /mo
8 Beds
8 Baths
7,680 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,680 sqft
Price per Sqft $203
MLS Listing ID 26667235
Bedrooms 8
HOA Y/N No
Year Built 1925
Lot Size 7,710 Sqft
Property Description
101 N. Kenmore Ave. is an 8-unit Melrose Hill offering priced at $195,000 per unit and $203 per SF, and operating at a 9.01 GRM on current rents. The pricing aligns with recent sales in the area, while offering stronger in-place income and approx. 25% rental upside based on renovated units nearby. The property is located approx. 0.6 miles from the 6th St. corridor surrounding Chapman Market, approx. 1.5 miles from Wilshire/Western and the core of Koreatown, and within close reach of Larchmont Village. This positioning places residents near a dense mix of restaurants, cafs, and neighborhood retail, while maintaining access to multiple employment corridors that continue to support steady rental demand throughout Mid-City. Originally constructed in 1925, the building features a Spanish-style exterior with a warm stucco faade, decorative parapet lines, and a centered entry that opens into a gated front courtyard. The layout creates separation from the street and reflects the type of character-driven housing that continues to perform well in Melrose Hill. The unit mix and building configuration support a straightforward value-add strategy. Based on renovated rental comparables, the property offers approx. 25% rental upside, with stabilization projected at an 8.85% CAP and 7.19 GRM. Additional upside exists through the detached rear garage structure, which presents potential for ADU conversion or expansion, subject to buyer verification. ***Major building systems have already been addressed. Recent capital improvements include vertical plumbing upgrades in select units, sewer line replacements and connection work, copper plumbing upgrades, roof repair and waterproofing, and common area improvements. Additional work includes window screen replacements, exterior painting, and select system updates, reducing near-term capital requirements and allowing a buyer to focus on interior turnover and rent growth.*** With in-place income, completed system upgrades, and a location positioned between the 6th Street corridor, Koreatown, and Larchmont Village, 101 N. Kenmore Ave. offers an 8-unit Melrose Hill asset where pricing, condition, and upside are aligned.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR3
Interior
Fireplace No
Laundry Common Area, Laundry Room
Exterior
Parking Features Door-Multi, Garage, Side By Side
Garage Spaces 2.0
Garage Description 2.0
Community Features Gated
Total Parking Spaces 5
Building
Faces East
Story 2
Entry Level Two
Architectural Style Spanish
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5518016024
Security Features Gated Community
Special Listing Condition Standard
Listed by Max Berger Compass #02054048
Nearby Locations
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Chandy Andre
Realtor-Owner | Lic# 01326084